Transferring your money

Transferring your money

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As part of our continued support to assist our clients and to help you get more for your money, Sol Simple Properties have partnered with the leading currency specialists, EasyFX.

Whether you are making regular international payments or simply need to make a one-off transfer, fluctuating exchange rates can make a big difference to the amount of currency you finally receive in your bank account.

When choosing a foreign exchange partner to recommend to our clients, we look for certain qualities to ensure that our clients are looked after to the highest standards, securely and with integrity. This is why we are proud to recommend EasyFX.

Why use money transfer companies to send money abroad?
For international payments, specialist money transfer companies have several benefits. Whether you are buying or selling a property overseas or sending funds for livings expenses or bill payments, money transfer companies can offer very cost-effective ways to send money around the world.

Foreign exchange companies will offer more value for your money
When you send money overseas, you will obviously look for the best exchange rate possible. While many high-street banks offer an international money transfer service, regulated money transfer companies will offer competitive exchange rates and, in many cases, saving you up to 5%. Additionally, high-street banks often charge transfer fees as high as £30 per transfer. So over 12-month period, that will cost you nearly £400 a year in fees alone. Whether you are sending ad hoc money transfers or sending larger sums of money overseas, you will be keen to make the most of your well-earned savings.

Contact EasyFX now, take a second to submit the easy online form.

Foreign exchange companies are advantageous
Most foreign exchange companies will provide you with an online trading facility, allowing you to make transfers and manage your payments when it suits you. Along with this, you will be able to take guidance from experienced currency traders, who can offer a wide range of currency products. You will be able make a one-off international money transfer to pay bills overseas or even set up regular payments for mortgage repayments etc. Most foreign exchange companies will
also provide you with a dedicated account manager with whom you can discuss the volatility of the currency market and explain to you how to transfer funds to ensure a smooth and painless process. For example, did you know that you can fix the exchange rate for future payments even if you don’t have all the funds available immediately?

Buying property in a foreign country can feel overwhelming, given the unique processes and potential language barriers. To navigate this, we’ve outlined some key guidelines to follow, and we highly recommend connecting with a specialist before embarking on this journey.

Foreign Exchange and its Significance
When it comes to relocating or purchasing property abroad, one of the most critical factors to consider is Foreign Exchange. It’s a component that´s often overlooked but should genuinely be factored in from the very outset of your purchase journey. We recommend engaging with a specialist during the property viewing stage for a compelling reason: when you’re buying property in a different currency than that of what you hold, you become exposed to the unpredictable nature of currency fluctuations.

Consider that a property purchase in Spain can span anywhere from 3 to 4 months to complete. It’s not uncommon for currencies to experience fluctuations ranging from 5% to 10% within that period. Take, for instance, the GBP to EUR currency fluctuations in the past 12 months, with a high of 1.19 and low of 1.07. The question then arises: How can you eliminate the risk associated with these currency fluctuations?

Banks vs FX Providers
One of the primary advantages of using an FX provider is its potential to be more cost-effective compared to high street banks. When you deal with banks for currency exchange, they typically incorporate a substantial profit margin into the market rate, making it notably expensive, especially when you’re dealing with larger sums for international transfers. In addition to being cost-effective, FX providers specialise in managing risks associated with foreign exchange. This expertise allows them to effectively mitigate currency fluctuations by locking in exchange rates for future dates, this is achieved using a Forward Contract. This feature proves especially valuable for property transactions, where you can lock in the exchange rate at the time of agreeing on the property’s price with the seller or buyer. By doing so, you gain the ability to budget accurately, knowing the exact amount you’ll need to pay in currency at the completion of your purchase or sale. This financial security is a significant advantage when engaging in international property transactions. Buying and selling property abroad often takes time and may involve several currency transactions.

EasyFX can protect you from exchange rate volatility and make-substantial savings on your property transactions by delivering time-critical funds to your bank or solicitor on time.

If you’re interested in exploring how a Forward Contract could benefit your specific situation, please don’t hesitate to get in touch. Our team is ready to assist you in understanding and leveraging these financial tools
to your advantage.

Contact EasyFX now, take a second to submit the easy online form.

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